FAQ
Pre-Credit Union Formation
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Who can join the Credit Union? Members of the ZimFamilyUsa Investments Group
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How do you become a member of the ZimFamilyUsa Investments Group?
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Subscribe to our website and Group link
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When should we expect the Credit Union to get approved and start running? Early to mid 2025
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How much money do I need to contribute for raising proof of capital for the formation of the credit union? A minimum of $200 with an option to contribute more.
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In the unlikely situation of Credit Union formation being unsuccessful will I get my $200 back? Yes
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If I contribute more money do I get more voting rights? No. Due to the nature of the Credit Union rules and regulations, the Credit Union is a member owned entity and each member has equal voting rights. See National Credit Union Administration (NCUA) rules and regulations at Ncua.gov. However, a member who contributes more money will get more dividends. Add link
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Before the Credit Union starts operating, where is my money being kept? The money will be collected and kept in a secure bank account (Will add name once we confirm its going to be Comerica)
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Is the Credit Union Executive Team / Leadership Team getting paid? The Executive and non-executive Team members are all volunteers who are dedicated to the project and have put in many hours and will continue to work pro-bono for the next 3 years. There will be no back pay for any volunteer hours put in.
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Where do I get additional details about the Credit Union? For more details please visit ZimFamilyUsaInvestmentgroup.com and subscribe to ZimFamilyUsa Investments Group Whatsapp Group. https://chat.whatsapp.com/FVQmxSrm3AJ2JZ6BZWPgw2
Post Credit Union Formation
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What are the short term benefits of joining the credit union?
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Building your credit. This is very important especially for people who are new to the US and may have difficulties getting approved for credit cards etc
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Access to short term loans with competitive interest rates
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Can family members apply to be part of the credit union? Yes
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Is there an age limit to join the Credit Union? Yes. Age 18 and above.
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What eligibility documents do I need in order to join the credit Union?
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United States ID, Zimbabwean passport or Birth Certificate
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Are there limitations to the loans offered by the credit union?
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Loan limits will apply based on nature of products offered and applicant profile
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What are the long term benefits of joining the credit union?
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Receiving prorated dividends from credit union profits on an annual basis
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Access to different investment options
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Provide volunteer services and /or full time employment
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Discounted legal services for members
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Participate in community centered financial organization
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Receive financial literacy support
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How long does my membership last? Membership is for life as long as you continue to comply with the credit union policies
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If I don't provide the $200 donation now, can I join the credit union later? Yes. However you will miss the opportunity to be a chartered member.